We’re smack dab in the middle of this mini-series on ‘Learning the Lizards’. In rounds one and two, we tackled The Jade Lizard and The Big Lizard, respectively. Today, we dive into the Reverse (Big) Lizard. And, while this strategy overlaps with the same basic structure of the previous two lizards, it does so “in reverse”. In other words, our directional bias is more bearish and we’re exploiting upside skew, not downside skew. James joins the conversation and helps us with two examples: one where a Reverse Lizard sets up, and one where it does not.

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